NEED HELP ASAP

Which one of the following statements regarding partnership taxation is incorrect? A partnership is a tax paying entity for Federal income tax purposes. Partnership income is comprised of ordinary partnership income or loss and separately stated items. A partnership is required to file a return with the IRS. d. A partner's profit-sharing percent may differ from the partner's loss-sharing percent. QUESTION 9 In the current year, the POD Partnership received revenues of $200,000 and paid the following amounts: $50,000 in rent and utilities, and $20,000 as a distribution to partner Olivia. In addition, the partnership earned $6,000 of long-term capital gains during the year. Partner Donald owns a 50% interest in the partnership. How much income must Donald report for the tax year? . $68,000 ordinary income. b. $78,000 ordinary income 6 $65,000 ordinary income; $3,000 of long-term capital gains. d. $75,000 ordinary income; $3,000 of long-term capital gains. QUESTION 10 Which of the following is not a correct statement regarding the advantage of the partnership entity form over the Coorporation form? A partnership typically has easier administrative and filing requirements than does a C corporation. D. Partnership income is subject to a single level of taxation; corporate income is double taxed. . Partnerships may specially allocate income and expenses among the partners, provided the substantial economic effect requirements are met; corporate dividends must be proportionate to shareholdings. d. Partners in a general partnership have less personal liability for entity claims than shareholders of a C corporation. QUESTION 11 Which of the following statements is correct regarding partnership or C corporation tax rates? . Partners pay tax on their distributive shares of income at 37%. Partners pay a single tax on their distributive shares of income at the tax rate that applies to the partner's situation. 6.C corporations pay a single level of tax on corporate income at rates up to 35%. C corporations pay tax at 21% and the shareholders pay a second tax of 37% when dividends are distributed